In upwards parallel channel. Right now hitting resistance at 112 levels, might see some pull back for next few days testing 106 levels and 99.5 levels. But upward trends is intact, 126 , 168 levels by Feb 20202.
Think twice, why the oil and gas industry is suffering when they are selling more than ever?, this is just a consolidation period, gas is high, oil is high, and is going higher en some sessions. $GUSH and $XOP are much better options for invest in the OIL & GAS market.
... for a 3.67 credit.
Comments: Rolling for a realized gain with this down move. There was no 127 strike, so rolled the short call to the 130 and the short put "as is." Total credits collected of 28.47 on a 17 wide inverted. Resulting delta/theta -38.14/15.30 with 13.43 of extrinsic, so I'm indicating here that it's a "short" position.
Still looking at this...
... to the December 16th 128C/133P inverted short strangle for a 4.02 credit.
Comments: Rolling out at 21 days to go to reduce "random" assignment risk on the short call. Total credits collected of 21.96.
I've gone slightly inverted here as well as improved the short call strike a smidge to keep the short delta metrics similar to what they would be were I to...
... for a 6.93 credit.
Comments: Rolling this out "as is," betting that this weakens ... eventually. Total credits collected of 17.94. Resulting delta/theta of -46.61/22.04 with break evens of 109.06 on the put side; 144.94 on the call side.
A clear Diversion can be seen from the RSI and the recent price action. This suggests a near term return to lower prices as current ones are not supported by volume.
XOP - is in the same type of consolidation it has been TWICE prior to its' current location. It has already bounced off of $114 support level. I'm anticipating the price running to a resistance level of around $180 with a pull back which would launch it THROUGH the $180 level which it hasn't been over since 2015. If current market condition continue running...
... for a 4.33 credit.
Comments: Rolling to short straddle at the 127. Total credits collected of 11.01 versus the setup currently marking at 16.13. Resulting delta/theta of 22.28/23.54 with a cost basis of 115.99 if assigned on the 125 put.
... for a .51 credit.
Comments: Smidge of delta adjustment here. Total credits collected of 6.68. Resulting delta/theta of 13.99/17.18 with the setup marking at around 6.22. I rolled this once for duration already, so probably should just take profit here and move on, but wanted more than .46 ($46) out of it. We'll see if that bites me in the hinder or not ... .
... for a 1.76 credit.
Comments: Was hoping price would stay more centered in my setup running into September mopex, but ... nope. Rolling out/recentering risk with 14 days to go. 6.17 total credits collected relative to the 127/165's marking at 8.02, so it's still a bit underwater. Delta/theta at 1.58/16.78.
... to the September 16th 142/159 short strangle for a 4.94 debit.
Comments: Up to this point, I had collected a total of 9.35 in credits. Instead of rolling out a month, I opted to pay a debit to recenter risk here intraexpiry (basically to an expected move setup) in order to give it a chance to work out this cycle (while temporarily reducing assignment risk,...
... for a 2.31 credit.
Comments: Rolling up the untested side to delta balance with 28 days to go. Total credits collected of 9.35 with a resulting delta/theta of -21.12/22.65. The 135/145 is marking at 10.18 at the moment, so still slightly underwater with the setup leaning net delta short.
... for an .81 credit.
Comments: Small delta adjustment here in my short strangle. Total credits collected of 7.04. Resulting delta/theta -20.58/17.32.
... for a 6.23 credit.
Comments: High 30-day IV at 49.0%. Selling the 25 deltas on both sides. 6.23 on BPE of 13.99. 44.5% ROC at max as a function of buying power effect; 22.3% ROC at 50% max. Delta/theta -.24/14.96.
Weekly uptrend, Counter trend trade
Daily, Trendline break
Short 150
Stop 171
Target 125, 100
Risk management is much more important than a good entry point.
I am not a PRO trader.
In my trading plan, the Max Risk of each short term trade should be less than 1% of an account.
Last Friday WTI crude NYMEX:CL1! dropped together with the broader equity markets and closed almost 7% lower at $107.99, slightly below the 50 days moving average. Earlier in the month the oil was still trying to break and stay above $120 however the hype cooled down quickly, partly due to the sharp 75 basis points rate hike by the Fed on Wednesday.
This recent...
